Updated: Oct 2, 2020
Curious about a career in investment banking after graduation? Hear about the day-to-day experience of Inhwa Chi, a second year Investment Banking Analyst at Bank of America, which is one of the top bulge bracket banks in the country.
My workday starts at around 9 a.m. as I step into the Bank of America Midtown office in New York City – the iconic glass skyscraper located at One Bryant Park. But beyond that bit of consistency, my day can vary a lot depending on what deals I’m on.
I quickly settle at my desk and check some emails from the night before. My VP has sent me comments, which could range from a quick model change to a request to make a new PowerPoint slide on the recent revenue decline of our client company. I’m a second year Analyst in the Financial Sponsors Group, so we assist with financing transactions that Private Equity companies or the portfolio companies they own get into. On an average day, I may be staffed on three to four live deals, and I create the materials for the process the client is involved in. For instance, I may have to spend a lot of time doing due diligence and modeling to prepare for a large live leveraged buyout transaction.
On an average day, I may be staffed on three to four live deals, and I create the materials for the process the client is involved in.
Today, as I work on those materials, the client sends us an updated model on a large transaction that is going to go live in two weeks. I have to prioritize that. Juggling these tasks around, it’s a big game of organization, and time really flies - sometimes I look at the clock and it’s already 2 p.m. On those days, I quickly grab lunch, which might be my leftover Seamless bulk order from the night before, or a bowl at a nearby to-go place. I eat at my desk as I continue working away, finally turning in the model for more comments at 4 p.m., and I take my coffee break in our cafe.
Other days, I finish my work pretty quick and I’m either waiting for my VP’s comments or for a client to get back to me. That’s when I take coffee breaks outside with some other analysts. Since we’re right by Bryant Park, it’s nice to have coffee outside in the park and take advantage of the changes in scenery all-year round – from people ice skating in the winters to hanging out in “The Porch” in the summers. Contrary to popular belief about investment banking, there are lots of breaks in between if you’re not on a live deal. I get a ping from my VP with more comments and head back to the office. I work on the comments, then he sends more my way. With each iteration, the model stands more robust and insightful.
It’s 5:30 p.m.: the most important time of the day. All of the juniors round up and debate about what dinner is going to be. Healthy or not healthy? Will it be Italian? Or Chinese tonight? After settling on our choice, we order on Seamless, and Bank of America pays for the order (that’s why we buy in bulk for lunch the following day!). We take up a free conference room and talk about what we’re working on and what our weekend plans are.
All of my colleagues are down-to-earth. I could tell the culture would be like this just from the Bank of America interview, where the questions were more about my background and interests rather than existing technical knowledge. The conference room is filled with smart and devoted workers who also know that when it’s time to play, it’s time to play. We may be preparing for our group’s annual holiday traditions, the summer party, or just coordinating our next happy hours.
I could tell the culture would be like this just from the Bank of America interview, where the questions were more about my background and interests rather than existing technical knowledge.
My VP pings me: he wants me to put together a diligence list by tomorrow, so I carefully think about the questions I want to ask about this model to understand how to get more comfortable with the investment. I think about how much I have learned about business. Especially because of my group, I get to see what makes a great company and how to think critically about a business from a risk perspective. I don’t know where else I would have gotten this kind of experience.
It’s 10 p.m. — sometimes on time-sensitive deals, this means I have another half day of work. But luckily, tonight is an early night. I hail a Yellow Cab to my apartment as my coworkers call Ubers. When I finally get home, I send the list to my VP to review. At 11 p.m., my VP sends another email with the comments for tomorrow, but I’ll wait until tomorrow morning to check it out. We’re one step closer to closing a deal that will headline in the news.
Grow with Us
Finance is not about how good you are at numbers. It’s about picking up a new language: what are the different types of debt? What does it mean to value a company, and how are you put a purchase price on it? There are so many different new terms and concepts that may be daunting at first, especially because there are analysts from Wharton or other undergraduate business schools who are already familiar with this accounting language. But supported by the strong Harvard network at Bank of America, I have learned and grown immensely.
This network was one of the main reasons why I ended up here and why I can clearly see a path here going forward. There are two Harvard recruiting captains who are both very senior, and they care a ton about the internship program and getting great Harvard students. They put a lot of effort into getting close to the interns and supporting them. I had a mentor who walked me through my superday, the actual internship, group placement - all parts throughout my time here. She constantly reached out to me to check up on me, and we would have great conversations. If you’re a Harvard student, the existing alumni network at Bank of America will make sure you’re in a great spot.
If you’re a Harvard student, the existing alumni network at Bank of America will make sure you’re in a great spot.
In the past, a lot of the value-add for us to clients was always what information we had and whether we had more expertise about the industry as compared to other banks. However, we’re living in an age when information is readily available, so clients now assess us based on what relationships we have and whether they can trust us throughout the process. With Bank of America’s extensive network of investors and executives, we can connect our clients with the right people to make great, impactful deals happen. All from the top of our glass building in the heart of Manhattan.